Record loss for Russia's Gazprom as European market closed

Exports to Europe person agelong been Gazprom's apical net source. Photo: NATALIA KOLESNIKOVA / AFP
Source: AFP

Russian energy elephantine Gazprom said Thursday it suffered a grounds yearly nonaccomplishment past twelvemonth arsenic the European marketplace was practically unopen to its state exports owed to sanctions implicit Moscow's subject cognition successful Ukraine.

The state-owned steadfast suffered a nett nonaccomplishment of 629 cardinal rubles ($6.9 billion) successful 2023 compared to a nett net of 1.23 trillion rubles successful 2022.

The results are an denotation of the dense interaction of Western sanctions connected Russia pursuing the subject violative launched successful February 2022.

Exports to Europe person agelong been Gazprom's apical net source, but pursuing the commencement of the struggle successful Ukraine European nations sought to trim their reliance upon Russian earthy gas.

The sabotage of the Nord Stream pipelines successful September 2022 past closed disconnected the main proscription channel.

Gazprom has sought to find caller export clients, but gathering caller infrastructure is costly and can instrumentality years.

It is seeking to summation the capableness of its Power of Siberia pipeline to China, but Moscow has yet to seal a woody with Beijing to physique a 2nd pipeline.

Gazprom, which has the largest earthy state reserves successful the world, besides has to woody with the fiscal load of expanding its home organisation network.

Source: AFP